Daily Forex Support and Resistance

Wednesday the 5th of May 2021

FOREX MAJORS

USDJPY

Resistance 109.60 and 110.10

Support 108.90 and 108.40

EURUSD

Resistance 1.2060 and 1.2110

Support 1.1990 and 1.1940

GBPUSD

Resistance 1.3930 and 1.3980

Support 1.3850 and 1.3800

USDCHF

Resistance 0.9150 and 0.9200

Support 0.9070 and 0.9020

COMMODITY CURRENCIES

USDCAD

Resistance 1.2340 and 1.2390

Support 1.2260 and 1.2210

AUDUSD

Resistance 0.7740 and 0.7790

Support 0.7670 and 0.7620

NZDUSD

Resistance 0.7220 and 0.7270

Support 0.7130 and 0.7080

CROSS CURRENCY PAIRS

EURJPY

Resistance 131.80 and 132.30

Support 131.10 and 130.60

EURGBP

Resistance 0.8680 and 0.8720

Support 0.8620 and 0.8580

GBPJPY

Resistance 152.20 and 152.90

Support 151.40 and 150.70

EURCHF

Resistance 1.1010 and 1.1050

Support 1.0960 and 1.0920

GOLD

Resistance 1786.00 and 1798.00

Support 1770.00 and 1758.00

Good Luck http://www.eightdragonscapital.com

Daily Commentary

Just 2 days to go to the data highlight of the week, April’s US Non-Farm Payrolls.
Today we could see a preview as ADP will publish its employment numbers, which is expected to show an increase of 800,000 jobs up from 517,000
In % terms that’s a big increase, if the numbers come in as expected.

It could imply Friday’s NFP could be huge, possibly well over a million new jobs.
For once I am almost getting excited about the outcome on Friday night!

The other big number today is going to be US Non-Manufacturing ISM, which is forecast to print 64.2.
Other data released will be final readings of April PMI’s composite and services from various places, which won’t be much different from the flash numbers we have already seen.

The USD came bouncing back yesterday partly helped by former Fed chair Janet Yellen.
She clearly forgets she has a new job when she said, some Interest rate hikes would be needed to cool Inflation in the US economy.
Although she later said that inflation is not a problem backtracking from her previous remarks.
She is obviously thinking what many people are thinking except, of course, the Federal Reserve who see things differently from the rest of us. They are the guys that matter!

The US Trade deficit recorded a new record at USD74.4 Billion for March a bad number for the USD,
it reinforces the medium-term view of USD weakness, from strong US economic growth sucking in imports, to benefit the exporters’ currency.

http://www.eightdragonscapital.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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